According to Emefiele, the new notes include N200, N500 and N1000.
The Central Bank of Nigeria (CBN) has announced its plan to redesign some naira notes.
The CBN Governor, Godwin Emefiele, who disclosed this while addressing journalists on Wednesday, said the new design and issues will be effective from December 2022.
He advised Nigerians to take old notes to banks for the new notes.
According to Emefiele, the new notes include N200, N500 and N1000.
The CBN under Emefiele had been lately accused of corruption, policy somersault and failure to address the most fundamental fiscal challenges of the country.
SaharaReporters had in September 2022 reported that following the simultaneous increase in interest rates, the World Bank Group warned the CBN and other central banks around the world of the possibility of a worldwide economic recession.
The CBN hiked the benchmark interest rate from 13.5 percent to 14 percent at its most recent Monetary Policy Committee (MPC) meeting in July in Abuja.
The apex bank in Nigeria earlier unexpectedly raised its monetary policy rate by 150 bps to 13 percent at its May 2022 meeting, against market expectations of 11.5 percent, bringing borrowing costs to the highest since April 2020.
It was the biggest rate hike since July of 2016, amid concerns that persistent inflationary pressures could weigh on the country's fragile recovery.
Inflation quickly rose to an eight-month high of 16.8 percent in April, well above the apex bank’s target range of 6 percent to 9 percent.
This was said to have been driven by high costs and supply-side constraints.
The interest rate reveals how high the cost of borrowing is, or high the rewards are for saving. For a borrower, the interest rate is the amount charged for borrowing money, shown as a percentage of the total amount of the loan.